Month: September 2021

Insolvency and bankruptcy matters must be decided in 330 days, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


NEW DELHI: The Supreme Court on Monday said that 330 days deadline for resolution plan has to be strictly adhered to and NCLT and NCLAT must decide insolvency and bankruptcy matters keeping in mind the sanctity of the deadline provided by legislature.

A SC bench headed, by Justice D Y Chandrachud, said that earlier bankruptcy code failed mainly because of long delays in litigation in judicial forums and promised that the present IBC will not be allowed to meet the same fate

“Once the Committee of Creditors submits a resolution plan for a stressed assets under Insolvency and Bankruptcy Code, it cannot be modified or withdrawn by resolution applicant,” the SC said.

Meanwhile, addressing a question on the high haircuts taken by banks in resolution to some bankruptcy cases, RBI governor Shaktikanta Das last week had said that the Insolvency and Bankruptcy Code(IBC) process needs some improvement which will include some legislative changes as well.

“Yes, I agree that there is scope for the improvement in the functioning of the IBC and framework. There is perhaps need to certain legislative amendments also,” he said.

The RBI has certain suggestions which it has flagged to the government, he said, citing an example of the time taken before a case is admitted in a National Company Law Tribunal (NCLT) and comes up for resolution through court-directed measures and suggested that the same can be dealt with through legal amendments.

He said the overall recoveries from the IBC process used to be at 45 per cent at the aggregate level four years ago and have come down to 40 per cent in the pandemic year, and also acknowledged that in some cases, lenders have had to take deep haircuts of up to 90 per cent.

“There is scope for some improvement and the time taken in the entire process I entirely agree needs to be reduced by simplifying certain procedures and wherever necessary by carrying out legislative change,” Das said.

(With inputs from agencies)



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Moody’s, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


SINGAPORE: Wide adoption of central bank digital currencies (CBDCs) in cross-border payments and settlements will be credit negative for banks because of lower fees and commissions, Moody’s Investors Service said on Monday.

This is particularly for those banks that are active in foreign-currency payments, clearing and remittances, it said in its latest credit outlook report.

It is the first time that the Bank of International Settlements (BIS) and various central banks are testing multiple CBDCs in a single platform for cross-border settlements.

This is an important step if CBDCs are to be adopted beyond domestic transactions. Earlier in 2021, the Singaporean and French central banks successfully tested dual-CBDC cross-border transactions, said Moody’s.

On September 3, the BIS together with central banks of Singapore, Australia, Malaysia and South Africa started testing CBDCs for cross-border settlements.

The project called Dunbar aims to build a prototype platform for settlement in multiple CBDCs with the target being faster, cheaper and more secure cross-border payments and settlements between financial institutions.

Moody’s said the revenue that banks generate from cross-border transactions is significant. Globally, banks generated about 230 billion dollars in revenue from cross-border transactions in 2019, based on data from consulting firm McKinsey.

Banks in Asia Pacific made up 100 billion dollars of this amount, the largest share globally, with most revenue coming from commercial transactions such as bank-to-bank.

According to McKinsey, banks globally generated about 60 billion dollars in revenue in consumer business in 2019 for cross-border transactions such as remittances, where the banks charge hefty fees.

Banks on average charge 6.4 per cent on outward remittances, based on World Bank data, with Nigerian, South African and Thai banks charging some of the highest fees globally. These fees will be reduced with the wider adoption of CBDCs.

It is uncertain if the platform prototypes developed under the Dunbar project will be adopted by other central banks. However, the BIS expects that the results of this project will guide the development of global and regional platforms for more efficient cross-border payments.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 0.00 – –
     I. Call Money 0.00 – –
     II. Triparty Repo 0.00 – –
     III. Market Repo 0.00 – –
     IV. Repo in Corporate Bond 0.00 – –
B. Term Segment      
     I. Notice Money** 0.00 – –
     II. Term Money@@ 0.00 – –
     III. Triparty Repo 0.00 – –
     IV. Market Repo 0.00 – –
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Sun, 12/09/2021 1 Mon, 13/09/2021 2,513.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Sun, 12/09/2021 1 Mon, 13/09/2021 3.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -2,510.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Sat, 11/09/2021 2 Mon, 13/09/2021 12,062.00 3.35
  Fri, 10/09/2021 3 Mon, 13/09/2021 67,472.00 3.35
  Thu, 09/09/2021 4 Mon, 13/09/2021 4,81,121.00 3.35
    (iii) Special Reverse Repo~ Thu, 09/09/2021 15 Fri, 24/09/2021 6,937.00 3.75
    (iv) Special Reverse Repoψ Thu, 09/09/2021 15 Fri, 24/09/2021 2,513.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Thu, 09/09/2021 15 Fri, 24/09/2021 3,50,015.00 3.41
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 07/09/2021 7 Tue, 14/09/2021 50,008.00 3.38
3. MSF Sat, 11/09/2021 2 Mon, 13/09/2021 279.00 4.25
  Fri, 10/09/2021 3 Mon, 13/09/2021 527.00 4.25
  Thu, 09/09/2021 4 Mon, 13/09/2021 13.00 4.25
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
  Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
  Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
  Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       26,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -8,58,271.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -8,60,781.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 12/09/2021 6,21,643.80  
  11/09/2021 6,23,960.41  
  10/09/2021 6,31,651.59  
     (ii) Average daily cash reserve requirement for the fortnight ending 24/09/2021 6,25,660.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 09/09/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 27/08/2021 11,40,445.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/849

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Suryoday Small Finance Bank, Clix Capital in merger talks, deal reaches advanced stage, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Clix Capital Services, a digital lending platform, has been in merger talks with Suryoday Small Finance Bank, according to reports.

Today, shares of Suryoday SFB locked in 20% upper circuit band at Rs 179.40 on the Bombay Stock Exchange after the merger buzz. The deal is said to be mediated by Centrum Capital.

The deal is in advanced stages, and due diligence is already on for the proposed merger, sources told Business Standard, adding that the deal is expected to close soon.

The non banking financial company is run by fomer GE Capital head Pramod Bhasin and former DE Shaw & Co managing director Anil Chawla.

Follow and connect with us on , Facebook, Linkedin



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

7 Stocks Available On A Bonus Basis, Should You Buy These Stocks?

Personal Finance

[ad_1]

Read More/Less


List of companies whose stocks are available on cum bonus basis

Name of Company Ex-Bonus Date Record Date
Sportking India Sept 23 Sept 24
GEE Ltd Sept 21 Sept 22
TPL Plastech Sept 16 Sept 18
APL Apollo Sept 16 Sept 18
Kanpur Plast Sept 15 Sept 16
Apollo Tricoat Sept 16 Sept 18
ACE Integrated Oct 7 Oct 8

Bonus shares does not mean you should buy the stocks

Bonus shares does not mean you should buy the stocks

Bonus shares does not make the stock an automatic buy. The stock is likely to fall proportionately once the stock goes ex-bonus. For example, if company A has declared a bonus of 1:1 and the stock is quoting at Rs 100, the stock is likely to fall to Rs 50 once it goes ex-bonus. Having said that it may not fall by the exact amount, but, more or less it does.

Also, it is extremely important to remember that you need to analyze the fundamentals of a company before you invest. For example, do not invest purely on the basis of bonus issue. In the above, what we are highlighting is the fact that the above companies are purely available on a bonus basis and we are not in any way recommending these stocks.

Markets look expensive

Markets look expensive

Irrespective of the bonus shares, we are telling investors to book profits and not to buy shares, including any of the above, purely because the markets are over valued. The Nifty and the Sensex have just zoomed in the last 2-months powered by massive liquidity flowing into domestic institutions, particularly mutual funds. Fundamentally things look expensive at the moment. According to a recent report by broking firm Motilal Oswal, the Sensex is looking expensive compared to long term averages. The Nifty moved from 16,000 points to 17,000 points within 19 trading days, one of the fastest 1000 point milestone in its journey. HDFC Bank, RIL, and TCS contributed 50% of the 1000 points move from 16,000 to 17,000 points.

Market cap to GDP ratio at highest since 2007

Market cap to GDP ratio at highest since 2007

According to India Strategy Report by Motilal Oswal Financial Services the Mcap-to-GDP ratio at 111%, is the highest since 2007. Nifty is currently trading at premium to LPA on P/E and P/B basis. IT and Consumer valuations are at 15-year highs.

According to the India Strategy Report report, the Nifty 12-month forward P/E of 21.8 times is at a premium of 21% v/s its long term average, of 18.0 times. At 3.3 times, 12-month forward P/B for the Nifty is at a 15% premium to its historical average of 2.6 times. We are advising investors to be careful and not jump onto the bandwagon.

Disclaimer

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article. We suggest that you consult a professional advisor. The article merely lists out companies that are offering bonus shares and should not be construed as a buy.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

5 Best Zero Balance Savings Account With Higher Interest Rates In India

Personal Finance

[ad_1]

Read More/Less


IDFC First Bank

IDFC First Bank a leading private sector lender of India offers Pratham Savings Account to its customers with benefits like monthly interest credit on savings, zero balance savings account, quick transactions at micro ATM, interest rates of up to 5%, digital banking services.

This Basic Saving Bank Deposit Account (BSBDA) can be opened by customers who do not have any other savings account at IDFC First Bank. With free and unlimited ATM transactions at any bank anywhere in India, customers will be allowed to conduct daily ATM Withdrawal limit of Rs 40,000, daily POS limit of Rs 1 lakh, and get a free personal accidental insurance cover of Rs 2 lakhs using IDFC FIRST Bank Pratham Savings Account with Rupay Classic Debit Card.

On Balances In Rs Rate of interest (% p.a.)
4.00%
>1lac 4.50%
>10lac 5.00%
>2Cr 4.00%
>10Cr 3.50%
>100 Cr 3.00%
Source: Bank Website, W.e.f. 01/05/2021

Yes Bank

Yes Bank

Yes Bank offers three types of zero balance savings accounts to its customers such as Smart Salary Platinum account, Smart Salary Exclusive account, and Smart Salary Advantage account. All three accounts come with a range of benefits such as tax-free interest income up to Rs. 40,000 on savings account, personal accident death or insurance cover, free RTGS/NEFT payment facility, free IMPS facility through Mobile banking, YES ROBOT: 24*7 personal banking assistant, online recharge and bill payments facility, free demand drafts facility, SMS alerts and so on. Following are the most recent interest rates on savings accounts of Yes Bank.

Daily Balance in the Savings Account (INR) Applicable Interest Rates (p.a.)
4%
>1 Lac to 4.50%
>=10 lacs to 5.25%
Source: Bank Website, w.e.f. 13th May’2021

IndusInd Bank

IndusInd Bank

Customers going to open a zero balance savings account can witness a range of account types at IndusInd Bank such as Indus Easy Savings Account which is a Basic Savings Bank Deposit Account (BSBDA), Indus Maxima Savings Account, Indus Delite Savings Account, and Indus Small Savings Account.

Customers with BSBDA account of the bank i.e. Indus Easy Savings Account will get a free Rupay Debit Card having 10,000 ATM limit and 10,000 Point of Sale (PoS) limit. They can also get a plethora of services on their account such as internet banking, video chat with the bank, OmniPresent banking, e-Mandate set up option and much more. The most recent interest rates on Domestic / Non Resident (NRO/NRE) savings accounts of IndusInd Bank are as follows:

Savings Bank Account Interest Rate Rate p.a
a. Daily balance Upto Rs. 10 Lakh 4.00%
b. Daily balance above Rs.10 Lakhs* 5.00%
RFC savings Rate FCNR – 1 year rate applicable
Source: Bank Website

Axis Bank

Axis Bank

At Axis Bank, customers can open two types of zero balance savings account i.e. Basic Savings Account and Small Basic Savings Account. Both these account are a part of Pradhan Mantri Jan Dhan Yojana Scheme (PMJDY) and comes with a range of benefits such as a free Rupay Debit card with daily ATM withdrawal limit of Rs 40,000, free unlimited cash deposit & 4 free withdrawals per month, and much more. Both accounts can be opened online and customers will get the following interest rates on their savings account balance.

Balance Slabs Applicable Rate of Interest w.e.f. 01st Apr 2021
Less than Rs. 50 lacs 3.00% p.a.
Rs. 50 Lacs and up to less than Rs. 10 Crs 3.50% p.a.
Rs. 10 Crs and up to less than Rs. 100 Crs Repo + (-0.65%) Floor rate of 3.50% applicable
Rs. 100 Crs and up to less than Rs. 200 Crs Repo + (-0.50%)
Rs. 200 Crs and up to less than Rs. 2,500 Crs Repo + (-0.50%)
Source: Bank Website

Kotak Mahindra Bank

Kotak Mahindra Bank

With 811 Digital Bank Account of Kotak Mahindra Bank, customers can get an interest rate of up to 4% with attractive benefits such as zero charges on non-maintenance of balance, easy transfer of money, 811 Virtual Debit Card, digital banking solutions, and much more. One can open this account online and can manage his or her account through Kotak Mahindra Bank mobile banking app. The latest interest rates on savings accounts of Kotak Mahindra Bank are as follows:

Nature Rate of Interest (Normal) Senior Citizen
A. Domestic (W.e.f. Jun 19, 2021) 3.50% p.a. on balance up to Rs. 1 lakh 3.50% p.a.* on balance up to Rs. 1 lakh
4% p.a. on balance above Rs. 1 lakh upto Rs. 50 Lakh, 4% p.a.* on balance above Rs. 1 lakh upto Rs. 50 Lakh,
3.50% p.a.* on balance above 50 Lakh 3.50% p.a.* on balance above 50 Lakh
B. Basic Savings Bank Deposit Account/Small Account (W.e.f. Jun 19, 2021) 3.50% p.a.* on balance up to Rs. 1 lakh, 3.50% p.a.* on balance up to Rs. 1 lakh,
4% p.a.* on balance above Rs. 1 lakh upto Rs. 50 Lakh, 4% p.a.* on balance above Rs. 1 lakh upto Rs. 50 Lakh,
3.50% p.a.* on balance above 50 Lakh 3.50% p.a.* on balance above 50 Lakh
C. Non Resident (NRE/NRO) 3.50% p.a. 3.50% p.a.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Pine Labs partners with OneCard

Banking & Finance

[ad_1]

Read More/Less


Pine Labs, a merchant commerce platform, has partnered with OneCard, India’s first exclusive mobile-based credit card, to extend its equated monthly instalments (EMI) offering to all OneCard credit card holders.

Digital transactions grew 80% in last 250 days: Razorpay report

With this collaboration OneCard credit card holders will now be able to avail interest-free EMI on their credit card for mid and high-value purchases made at Pine Labs PoS terminals across the country.

Festive season ahead

Commenting on the partnership, Kush Mehra, Chief Business Officer, Pine Labs, said in a statement, “With the festive season in India fast approaching, we are delighted to now expand the scope of our EMI proposition to OneCard customers. This association with FPL will add more shoppers to the thriving interest-free EMI ecosystem we have on Pine Labs PoS terminals and give more customers the option to convert their regular purchases into interest-free EMIs in a matter of seconds.”

South Indian Bank launches SIB-OneCard credit card

Vibhav Hathi, Co-founder & CMO, OneCard, said, “With this partnership our customers can avail enhanced flexibility while managing their cash flow through the choice of EMI payments. Our partnership just ahead of the festive season will enable customers to enjoy hassle-free shopping through smart, easy and affordable instalments with just a swipe of their card.”

Targeting the tech-savvy

With this partnership, Pine Labs is aiming to target the tech-savvy population serviced by OneCard, while OneCard aims to solve the problem of short-term liquidity without burdening its customers with high interest fees.

The EMI integration is being rolled out at Pine Labs’ merchant partner outlets pan India, whereby all OneCard credit card holders will now be able to avail the EMI offering across more than 2.7 lakh Pine Labs PoS terminals in the country.

Pine Labs is expanding its instalment payment offering to international markets and recently partnered with Atome in Malaysia to enable affordable shopping options for customers in that region.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Large urban cooperative banks want to become ‘universal’, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Large cooperative banks are considering turning into universal banks as the regulator has tightened norms, especially steep priority sector lending targets.

The RBI had increased the overall priority sector lending (PSL) target for UCBs to 75% of adjusted net bank credit (ANBC) or credit equivalent amount of off-balance sheet exposure, whichever is higher from 40% earlier.

PSL portfolio comprises loans to agriculture, micro, small and medium enterprises, export credit, education, housing, social infrastructure, among others, which UCBs have to increase to 75% of their advances by March 2024.

The RBI said tier-1 capital as on March 31 of the preceding financial year shall be reckoned for the purpose of fixing the exposure limits.

“Tier-1 capital for the purpose will be the same as that prescribed for computation of capital adequacy of UCBs,” it said.

Under the new proposed rules by RBI in 2019, UCBs with deposits of Rs 100 crore are to set up a board for management with the board of directors carrying out due diligence for their appointment, bringing them at par with commercial banks.

Board of management norms

On December 31, 2019, the Reserve Bank of India had released the final guidelines for setting up a board of management (BoM) for such banks. According to the guidelines, UCBs with deposits of Rs 100 crore and will constitute the Board of management which will be a mandatory requirement for opening new branches.

“The board of directors (BoD) of a UCB perform both the executive and supervisory roles, and has the responsibility to oversee the functioning of UCB as a cooperative society, as well as its functions as a bank. Since UCBs are accepting public deposits, it is imperative that a separate mechanism be put in place to protect the interests of depositors,” said the RBI in its notification.

The BoM will comprise expert banking professionals. It will also exercise oversight on banking-related functions of the UCBs, assist the BoD on formulation of policies and any other related matter, specifically delegated to it by the board for proper functioning of the bank, it added.

Borrowing oversight

The BoM will also oversee the management of fund and borrowings, and recommend action for recovery of non-performing assets (NPAs). The Board of directors will continue to be the apex policy setting body and constitute various committees of the board, including the BoM, to assist the board in carrying out its responsibilities.

The BoM will be constituted by the BoD within a period of one year from the date of the circular, and have a minimum of five members and may have as many as 12 members. The chairman of the BoM may be elected by the members from among themselves, or appointed by the BoD, while the CEO will be a non-voting member.

Banks looking at going universal

Saraswat Co-operative Bank and Cosmos Co-operative Bank were planning to seek the Reserve Bank of India’s (RBI) approval to convert into full-fledged commercial banks, according to reports last year.

As at March-end 2020, there were 88 UCBs with deposits greater than or equal to Rs 1,000 crore and 50 UCBs with advances greater than or equal to Rs 1,000 crore, per RBI data.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Bank of America appoints new CFO, technology, and legal heads, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Brian Moynihan, chief executive officer of Bank of America, announced fresh names for chief financial officer, technology head, general counsel, and chief administrative officer, in a major management overhaul.

“These changes position the company with highly energized leaders who are committed to driving responsible growth through its second decade,” Moynihan, 61, said in the memo. “As I shared with our board of directors, it will continue to be my privilege to serve with them as CEO.”

The moves have hardened Moynihan’s position to lead Bank of America, the second-greatest US bank by assets. Moynihan took over in 2010, staggering at first due to the immense errand of tidying up his archetype’s acquisition of home loan bank Countrywide Financial during the financial crisis. He has been running the bank since, reducing expenses and developing returns.

The announcement comes weeks after Thomas K Montag, chief operating officer of the bank, announced his departure.

All things equal, a few division heads who once answered to Montag will now report straightforwardly to Moynihan, including Jim DeMare, who proceeds in his job as global trading business, and Matthew Koder, who remains in the global corporate and investment banking division.

Dean Athanasia, Alastair Borthwick and D Steve Boland are viewed as competitors for the CEO position in the future, according to reports.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

3 Best Mutual Funds Ranked 1 By CRISIL With 1 Year Returns Over 90%

Personal Finance

[ad_1]

Read More/Less


Quant Tax Plan Direct Growth

Quant Tax Plan Direct-Growth is an Equity Linked Savings Scheme (ELSS) that has been around for eight years, having been introduced in 2013. Quant Tax Plan Direct-Growth returns for the previous year were 97.63 percent, according to Value Research. It has returned an average of 22.24 percent per year since its inception. Financial, Construction, FMCG, Metals, and Energy sectors are all included in the fund’s equity sector allocation.

Reliance Industries Ltd., Vedanta Ltd., State Bank of India, ITC Ltd., and HDFC Bank Ltd. are the fund’s top five holdings. The fund’s Net Asset Value (NAV) is Rs 223.63 and its Asset Under Management (AUM) is Rs 368.44 Cr as of September 9, 2021. The fund charges a 0.5 percent expense ratio, which is lower than most other funds in the same category. With a minimal monthly investment of Rs 500 and no exit load, one can start a SIP in this fund.

Kotak Small Cap Fund Direct Growth

Kotak Small Cap Fund Direct Growth

This mutual fund scheme was introduced in 2013 and thus has been in existence for the last 8 years. Kotak Small Cap Fund Direct-Growth returns in the previous year were 109.98 percent and have returned an average of 22.30 percent each year since its inception according to Value Research. Chemicals, Consumer Durables, Metals, Construction, and FMCG sectors are all represented in the fund’s equity sector allocation.

Carborundum Universal Ltd., Century Plyboards (India) Ltd., Sheela Foam Ltd., Galaxy Surfactants Ltd., and Persistent Systems Ltd. are the fund’s top five holdings. As of September 9, 2021, the fund’s Net Asset Value (NAV) is Rs 175.56 and its Asset Under Management (AUM) is Rs 5,641.68 Cr. The fund’s expense ratio is 0.48 percent, which is lower than the expense ratio charged by most other funds in the same category. With a minimum investment of Rs 1000, one can commence a systematic investment plan in this fund. For units worth more than 10% of the investment, a 1% exit load will be applied if they are redeemed within one year.

IDFC Sterling Value Fund Regular Growth

IDFC Sterling Value Fund Regular Growth

IDFC Sterling Value Fund Direct Plan-Growth is a Value-Oriented scheme launched in the year 2013 by the fund house IDFC Mutual Fund. The 1-year growth returns on the IDFC Sterling Value Fund Direct Plan are 96.18 percent. According to Value Research, it has provided an average yearly return of 17.63 percent since its inception. The fund’s equity allocation is allocated across Financial, FMCG, Construction, Automobile, Engineering sectors. ICICI Bank Ltd., Deepak Nitrite Ltd., Gujarat Gas Ltd., Jindal Steel & Power Ltd., and Emami Ltd. are the fund’s top five holdings.

The fund has a 1.93% percent expense ratio and the fund’s Net Asset Value (NAV) is Rs 83.08 and its Asset Under Management (AUM) is Rs 3,990.45 Cr as of September 9, 2021. The fund charges an exit load of 1% if units more than 10% are redeemed within 1 year of investment. SIP can be started in this fund with a minimum monthly contribution of Rs 100.

Best Performing Mutual Funds In 2021

Best Performing Mutual Funds In 2021

Here is the list of mutual funds based on the different categories based on the performance and ratings given by CRISIL and other leading agencies such as Morningstar and Value Research.

Mutual Fund 1 Year Returns 3 Year Returns 5 Year Returns Rating by CRISIL Rating by Morningstar Rating by Value Research
Quant Tax Plan Direct Growth 97.63% 31.38% 24.21% 1 5 star 5 star
Kotak Small Cap Fund Direct Growth 109.98% 29.26% 21.68% 1 4 star 4 star
IDFC Sterling Value Fund Regular Growth 94.07% 14.72% 16.07% 1 2 star 3 star

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advise to buy or sell stocks, gold, currency or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment
1 … 83 84 85 86 87 … 133